Top reasons for West Kensington lease extension

Main reasons to start your West Kensington lease extension today:

A West Kensington leasehold property depreciates with the years remaining on the lease.

West Kensington leases on domestic deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for a lease extension to be in place before the term of the current lease dips below eighty years - otherwise a higher amount will be due. Flat owners in West Kensington will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not be entitled. There are also strict deadlines and formalities to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.

West Kensington property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not lend on a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are considered to be deficient for lending purposes.

Get in touch with one of our West Kensington lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a freeholder in West Kensington,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with West Kensington valuers.

West Kensington Lease Extension Example Cases:

Luke, West Kensington, West London,

Luke owned a studio flat in West Kensington being sold with a lease of fraction over fifty eight years unexpired. Luke informally spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Luke to invoke his statutory right. Luke obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

West Kensington case:

Last Summer we were called by Dr P Torres , who owned a recently refurbished apartment in West Kensington in July 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in West Kensington with an extended lease were valued about £210,000. The mid-range amount of ground rent was £50 collected monthly. The lease lapsed in 2106. Taking into account 80 years remaining we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including legals.